As there is a strong demand for increased exploration activity on the Norwegian continental shelf (NCS), Source Energy believes the timing is ideal to identify attractive investment opportunities through exploration. The North Sea has strong underlying fundamentals for exploring proven, yet untested, hydrocarbon basins near existing infrastructure in designated core areas. Despite the North Sea being the most explored region of the NCS, it still carries significant undiscovered resources with low commercial thresholds.
The strategy is to build a balanced exploration and appraisal portfolio with prospects leading to commercial discoveries of oil within a 5-year horizon. We plan for fast growth, driven by commercial turn-over and optimal return on invested capital. Source Energy shall deliver a platform for growth within development and production. This is based on an established concept-driven exploration methodology closely integrated with asset and portfolio management. The aim is to participate in 4-5 wells per year on average.